Crude Oil Prices Slipping Back

LONDON: Crude oil prices slipped back, following the sinking of the price of petrol and stop the associated increase spekualsi ConocoPhilips who was preparing to run again an d oil refinery iNew Jersey.
ConocoPhillips is preparing to revive its crude unit at the Bayway plant. In addition, crude oil prices rose after a government report that showed the highest increase since March on U.S. retail sales last month.

`There were rumors that the oil refinery owned by ConocoPhillips Bayway berrpoduksi will soon be back,` said Tom Bentz, a broker at BNP Paribas Commodity Futures Inc.. in New York.

Crude oil futures contract for December delivery slipped 2 cents to U.S. $ 84.86 on the New York Mercantile Exchange. In oil futures contract rose 89 cents to U.S. $ 85.77 which has risen 11% from last year's price.

The decline was also experienced fuel futures contract for December delivery was 1.49 cents, or 0.7%, which closed the session with a perch at the level of U.S. $ 2.195 per gallon in New York.

Bayway refinery, which is based along the Port of New York, has produced 238,000 barrels per day and produces primarily low-sulfur crude oil, obviously the official site tersbeut mining companies.

Earlier, crude oil rose after the Commerce Department announced an increase in U.S. retail sales up 1.2% in October after rising by 0.7% in September, which exceeded previous estimates.

Economists anticipate an increase of 0.7%, based on responses from 74 media surveyed by Bloomberg News.

By : Tom Bentz, (Brokers at BNP Paribas)
Source : Bisnis Indonesia
Translated : Using google Translater facilities